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for it in his fiscal 20-15 budget, which comes out march 4th. the increase would be the second year in a row that federal workers see a 1% hike -- that after three years of pay freezes. union reps for federal workers called the raise: "pitiful." president obama isn't alone in making news about budget decisions -- the republicans are also circulating their own ideas about the upcoming budget. in the plan being unveiled today, the g-o-p says it wants to lower the top tax income rate on the rich from 39.6% to 25%. they would also impose a new surtax on some wealthy taxpayers but not one that applys to capital gains or dividends. the plan needs democratic support to become law. the nation's biggest bank is eliminating 8,000 jobs. jp morgan chase says the cuts will be in the consumer and community units, and blames the lay-offs on a drop in demand for refinancings. the overall employee base of the bank will reportedly only drop by about 5,000 because the bank is adding positions in other areas. jp morgan chase has more than a quarter of million employees. the latest read on the housing market--
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